Thinking refined on investment entities listing rules

FSA proposed revisions to the listing regime for investment entities in CP06/4 have been modified in response to industry feedback. Although the move to a principles-based approach was welcomed, the regulator has been persuaded that closed-ended funds should be permitted to control the companies in which they invest, which will assist those with private equity investment strategies. The regulator has also clarified in CP06/21 the content of the investment policy that a primary listed closed-ended fund will have to publish and keep to and amended the requirements on risk profile disclosure.